- Blockchain data provider and intelligence firm Glassnode released a report which shows that more than half of Bitcoin supply has remained unmoved since the past year.
On-chain data analysis firm, Glassnode showed that over 60% of the Bitcoin supply remained unmoved over the course of the past year. Glassnode tweeted that the figures indicate an upswing in the investor hodling sentiment.
The firm further stated that this is the first time investors have shown an increased hodling activity since the 2017 bull run where the price of Bitcoin spiked from just under USD 1,000 at the beginning of the year to USD 20,000 towards the end of the year.
60% of the #Bitcoin supply hasn't moved in over a year, showing increased investor hodling behaviour.
Last time we saw these levels was right before the $BTC bull market of 2017. pic.twitter.com/mRXQmhUzGu
— glassnode (@glassnode) May 29, 2020
The hodling behaviour seems to have resisted the crypto market crash on ‘Black Thursday’ in mid-March when Bitcoin’s price plunged from USD 7,950 to USD 4,700. However, Bitcoin showed an impressive rise in market value post the crash. This suggests that long-term investors seem to be unaffected by the plunge in rates.
As reported earlier, last month, Glassnode noted that smaller investors and retail entrants were using the opportunity to buy Bitcoin at bargain prices, while long term investors remained true to their investments.
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